Lot Definition Real Estate
This is your basic standard lot.
Lot definition real estate. The house does not add or take away anything to the size of the land. The front side of the key lot it a continuation of the side of the corner lot. In the law of real estate one of several parcels into which real property is divided. Real property is commonly described in terms of lot and block numbers on recorded maps and plats.
The land is plotted by the county as to the size and configuration. A lot is an individual piece of land which is intended to be conveyed in its entirety to a buyer. Share pin email westend61 getty images. As a result one side of a key lot can border multiple neighbor lots.
A paper lot refers to undeveloped land that exists only on paper as streets and lots. A lot is ordinarily one of several contiguous pieces of land of which a block is composed. Read the balance s editorial policies. Each lot could be of a different size therefore there might be several lots side by side with different.
Explaining lot term for dummies. Updated september 12 2020 improved land can include any number of upgrades. It lies between homes on the left and right side facing the street with a yard behind the house. Paper means that while it was planned and sometimes the plans were recorded the development was never.
Definition and examples of improved land. Get the definition of lot and understand what lot means in real estate. In real estate a lot or plot is a tract or parcel of land owned or meant to be owned by some owner s. A key lot can have either added value or diminished value depending on its location.
The interior lot is the most common lot type because it fronts on only one street. He is a real estate broker and author of multiple books on the topic. Real estate is the land along with any permanent improvements attached to the land whether natural or man made including water trees minerals buildings homes fences and bridges. A block is generally a group of contiguous lots bounded by streets such as a city block.
A key lot is a lot one side of which is adjacent to the rear of a reversed corner lot. Each lot parcel of land is given a lot number and each group of contiguous lots is given a block number. As such there shouldn t be any major pros and cons to this type of lot from a real estate perspective since its the norm.
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